Which economic theory believes in government intervention

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Reference no: EM132364636

Answer the questions and submit to me via Canvas.

1. Economic Terminology

Referencing the articles in the Module, using Word, define the following terms.

Invisible Hand

Capitalism

Demand Curve

Benefits of Free Markets

Limitations of Free Markets

Socialism

Negative consequences of Socialism

Communism

Negative consequences of Communism

Business Cycles

2. Economic theory

After reading the Keynes vs Hayek article in the module and conducting additional research, using Word, answer the following questions.

Classical economists believe in the theory of the invisible hand. True False

Which economic theory believes in government intervention in the economy?

How would classical economists deal with unemployment?

How would Keynesian economists deal with unemployment?

Which theory would you tend to subscribe to and why?

What similarities do you see when comparing the theories to Republican and Democratic economic positions?

Which theory, in your opinion, would the US economy most favor at this time?

Reference no: EM132364636

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